The Philippine stock market sustained its upward momentum Wednesday, bucking the region’s decline, as investors accumulated undervalued shares.
The bellwether Philippine Stock Exchange index added 44.36 points to close at 6,253.18, while the broader all-shares index advanced 15.44 points to settle at 3,330.04.
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Regina Capital Development Corp. head of sales Luis Limlingan said investors continued with bargain-hunting even after United States Federal Reserve signaled that monetary policy would remain restrictive.
Philstocks Financial Inc. research analyst Claire Alviar said the strong foreign buying, which recorded P1.02-billion net inflow, helped boost the market.
Net value turnover, however, remained thin at P3.74 billion.
